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Your cover options

Level life insurance cover

The amount you are covered for is fixed when you start paying the premiums and won't change.

The premiums remain fixed throughout the term of the plan as well.

It won't keep up with inflation, and may buy less in the future.

This type of cover could be used to cover an interest-only mortgage, other debts or to help look after your loved ones when you die such as paying for education.

Decreasing life insurance cover

This type of cover is specifically designed to cover the reducing amount you owe on a capital and interest repayment mortgage.

The amount you're covered for goes down each year, but the premium stays the same.

Single versus joint life insurance

Joint life plans are usually taken out where the death of either person will have a significant impact on the lifestyle of the other, particularly where there are children involved.

You can choose to take out a plan that covers just yourself, or yourself and your spouse, civil partner or someone you share a financial commitment with. A single life plan insures only you and pays out if you die during the plan term.

However, if the life cover is intended for a couple, then as an alternative to a joint plan, each person can take out their own single life plan and choose to have different amounts and cover periods.

Single life insurance

They don’t follow the 'first death' rule and if one person dies, the other would still be covered. This could potentially leave more money to your dependants.

It can also be beneficial in the event that a relationship breaks down. Unlike a joint life insurance plan, two single plans are already separate. This means that your plan wouldn’t have to be cancelled in the event of a divorce, and you wouldn’t have to take out a new plan, which could be an issue, especially if you’re older or have suffered health problems.

Joint life insurance

Covers both people insured for the same amount of cover and length of time.

The plan pays out for the first death only.

After that, the plan stops and the surviving person is no longer covered.

Taking out a joint life insurance plan normally costs less than two single plans.